Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost
Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units @ $15 = 5,250 Mar. 15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 = 9,000 Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units @ $25 = 2,500 Totals 1,100 units $ 18,750 880 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
The total goods available for sale for the period is computed as follows: Inventory, beg (200 @ $10) ----------------------------------------$2,000 1st Purchase (350 @ $15) ---------------------------------------------5,250 2nd Purchase (450 @ $20) ------------------------------------------9,000 3rd Purchase (100 @ $25) -------------------------------------------2,500 Total Goods Available for Sale -----------------------------------$18,750
(a) In computing the Ending Inventory and Cost of Goods Sold using FIFO method: Total Goods Available for Sale ---------------------------------- $18,750 Less: Ending Inventory* -------------------------------------------- 4,900 Cost of Goods Sold --------------------------------------------------$13,850
*Ending Inventory Inventory, beg ---------------------------------------------------------- 200 Total Purchases -------------------------------------------------------- 900 Total Available Units ------------------------------------------------- 1,100 Less: Units Sold ------------------------------------------------------- 880 Inventory, end --------------------------------------------------------- 220 Cost of Ending Inventory 100 × $25 = $2,500 120 × $20 = 2,400 220 $4,900
(b) In computing the Ending Inventory and Cost of Goods Sold using LIFO method: Total Goods Available for Sale ---------------------------------- $18,750 Less: Ending Inventory* -------------------------------------------- 2,300 Cost of Goods Sold --------------------------------------------------$16,450
*Ending Inventory Inventory, beg ---------------------------------------------------------- 200 Total Purchases -------------------------------------------------------- 900 Total Available Units ------------------------------------------------- 1,100 Less: Units Sold ------------------------------------------------------- 880 Inventory, end --------------------------------------------------------- 220 Cost of Ending Inventory 100 × $20 = $2,000 120 × $15 = 300 220 $2,300
(c) The Gross Margin for FIFO and LIFO FIFO LIFO Sales (880 @ $40) ------------------------$35,200 -------------------$35,200 Cost of Goods Sold ---------------------- 13,850 -------------------- 16,450 Gross Margin --------------------------------$21,350 ------------------- $18,750
Ever since the Hawthorne experiments by Elton Mayo way back in the 1920´s it has been proved over and over again that happy and positive employees are more efficient, have lower staff turnover, are more creative, etc.. Simply they are better workers.
It is not always easy to achieve the goal of a happy working environment and there is no formula for doing so. Management knows the benefits (better recruitment, worker loyalty, higher job satisfaction, more job collaboration, better morale, less stress, better work performance, etc) but not everyone can make it happen.
Some ideas about how to make a positive work culture include:
Let every employee know the vision of the company and the values the company stands for.
Hire the right people.
Make employees feel part of the unique story of the organization.
The company must practice its values.
Create a work environment were employees can connect with each other not only for working reasons but also on informal levels.
And many more that can be unique for every company (i.e. Google is famous for offering its employee lots of perks)
A manager and employee agree on precise performance goals, and then a strategy is created to help them be achieved. This approach is known as management by objectives (MBO). Having an effective control system aids in achieving goals. Planning, organising, leading, and controlling are the four primary management activities that have replaced and replaced Fayol's functions over time. In contrast, managers work to apply procedures like organisational structuring and budgeting in order to attain organisational goals. Managers must make judgments to employ resources economically and effectively in order to meet market goals and objectives.
Answer: Andrea's career is an example of a traditional career.
Explanation: As the description says, Andrea's a preschool teacher that works with four-year-olds and three-year-olds every day from nine to three. An example of entrepreneurship would be to start up a business usually using their money to start the venture, preschool teachers aren't an example of entrepreneurship because preschool teachers do not start up a business to start a venture. An example of a remote worker does not match with being a preschool teacher since preschool teachers work in a traditional office. A remote worker is a person that works from outside of a traditional office. An example of a non-traditional career path is not being a preschool teacher since being a preschool teacher is a traditional career path. Therefore, Andrea's career path, being a preschool teacher, is a traditional career.
From the question, we are informed that a real estate broker sends a bright yellow flyer to all the homeowners in a neighborhood and that the flyer contains a reprinted article from a local newspaper describing the future relocation plans of various employers in the region and this statement, printed in bold red letters: "Warning! The failure to sell your property within the next six months could cost you a bundle!" At the bottom of the page was printed the broker's name, photo, office address, and phone number. Based on these facts, the broker has committed no offense.